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    Thread: Bidyut's trading journal

    1. #1
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      Default Bidyut's trading journal

      Introduction: This is my first trading journal in mt5 forum and it is in a demo account. Iíve opened a demo account with 500 USD balance. The main purpose of opening this demo account is only for making a trading journal in mt5 forum. Long time back our respected moderator dzin4aans had encouraged me to open a trading journal. But due to some unforeseen reasons I was unable to give attention in this regard. After looking at many trading journals available in this section Iíve got some positive energy and a lot of good motivation to open my own trading journal. Now I think it is the right time to open a trading journal.

      Main motive of opening a trading journal: First of all I want to improve my trading by sharing my own trading system. By opening a trading journal here I would definitely get an opportunity to interact with other good traders. They can suggest, guide me for opting a better trading system. This is one of the best ways to engage myself in improving my existing trading strategy.

      Why Demo Account: This is my first trading journal in mt5 forum. Still I consider myself as a leraner and I want to improve my trading and it is only possible through demo account. Second reason is that I want to open a separate account (real trading account) for trding journal. But at this moment Iím not fully prepared myself (financially) to open a real account for this purpose. In other hand I donít want to wait for long to start a trading journal. So my main motive here would be to engage myself in a good discussion where we can share knowledge and learn everything which is required to be a good trader.
      In future I would definitely go for a trading journal where I can show real profit in real account. Once I get ready for that I would definitely inform you all through this journal or through my signature.

      My strategy:

      Support & Resistance: From the very beginning I am trying to trade on support and resistance levels. So my main focus would be to see support and resistance levels of a particular pair on a daily basis before opening any order. Iíll try to open orders by looking at support and resistance levels. Most probably my buy orders would be above support levels and sell would be below resistance. In addition Iíll try to take decisions of opening any order by looking at price action.

      Price Action: It is important to watch in which direction a particular pair is moving where weíre going to trade. In simple words Price action gives us an idea where the price is moving. When I see 3 to 4 candles formed an upward trend in other words when few bull candles form an uptrend Iíll go for a buy order. In opposite if I see few bear candles lined up in a row to form a downward trend, Iíll go for sell order. So here I would go for trading on any pair by following price action.

      Chart Type: I would like to trade in a clearly visible chart and I consider candle stick chart as a best option for me. I do not use too much indicators. Itíll consists of only support and resistance levels.
      Time Frame: I prefer to see 1 hr, 4 hours, daily time frames to decide where the price is moving or to predict the actual trend I will go for these time frames. To open any order or to check entry point Iíll go for only 1 hour chart.

      News Events: As we know fundamental or economical news are very important to watch while taking any trading decisions. Iíll keep an eye on day to day news events to trade. The best way to watch any types of news events is through economic calendar. Most of the movements take place in any particular pair due to news releases. Even technical trader canít ignore the importance of fundamental news or any economic data releases (e.g. NFP) etc. Sometimes I would stop trading during high impact news. In other words Iíll be very careful during news events and try to avoid trading in case there are no clear movements.

      Lot Size: I would go for 0.10 LOT size (per order) at the very beginning. I may go for many orders at a time but not more than 1 LOT in total. For example, 10 orders with 0.10 lot size orders. Sometimes I may go for averaging my trades by taking additional lot size orders. Gradually I will try to increase the lot size orders with growing account balance.

      Target: Anywhere from 10 to 100 pips. I can decide only after looking at the levels. Sometimes I may not give any target and close all orders manually.

      Stop Loss: Iíll try to put a stop loss in some trading positions but not in all trading positions. Again itíll depend on the levels and also in the movement of a particular pair. In case I put stop loss in any pair itíll be around 50 pips.

      Long term or short term: My goal would be to take profit from every trade in a short term period. I prefer short term trades because it is easy for me to handle. In case I see slow movements in any trade Iíll keep the order for long hours and definitely wait for the price to trigger the target ( if I put TP).

      Trading Pairs: I would like to trade on major pairs (EURUSD, GBPUSD etc.). Also I would go for high volatility pairs for example, GBPNZD, GBPJPY etc. Sometimes I will try to trade in Gold and Silver if I get good confirmation.

      Risk-Reward Factor: As it is not a contest account Iíll try to go slowly. I believe in steady growth and not in sudden growth as far as forex trading is concerned. I would only go for 5% to 10% risk, and not more than that. Similarly, Iíll try to make decent profit from every trade. If I see it is worth to wait for a particular trading position then Iíll wait for it to get more profit out of it. For any trader to sustain in the market is more important than anything else, so I will try to avoid any unnecessary risk. Sometimes I would go for cut losses in the form of stop loss or by closing manually. Once we learn how to manage risk weíll automatically able to grow our trading account to a satisfactory level.

      To my fellow members: I hope there is no doubt about my trading plan. I do not want to complecate things, so Iíll try to elaborate every trade with clarity. Iím ready to answer you if youíve any questions regarding my trades or anything related to my trading journal. Iíll be grateful if we can stick to the topic and not talk about anything off topic in this section. Your good suggestions are always welcome. Thanks to everybody for visiting here. Lets start together!


    2. #1821
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      Quote Originally Posted by bappy4x View Post
      But I am not agree with to choose many currency because if you choose many currency then it will be not much better for everyone. Because it will take more time to get all about it. But I think if you follow few currency like GBPUSD, EURUSD NZDUSD AUDUSD etc. If you do analysis for GBPUSD then you will get 80% idea about EURUSD and if you do AUD then you will get idea about NZDUSD because these goes almost similarly.
      The foreign exchange market already has relatively fewer instruments, that is when compared to equities and stocks. In stocks there are hundreds to chose from to trade. Basically we just need to know the economics and politics of about 8 countries to be able to trade most of all the forex pairs, the most common pairs, that is, the majoRs usd/jpy, eur/usd, gbp/usd , usd/chf and the commodity pairs, usd/cad, Aud/usd and Nzd/usd. All other pairs are mainly crosses of these main currencies. So if you look at it in a way, once you start growing in this business and start gathering knowledge for this pairs, you will be able to trade the currency crosses also, that is if you want to of course.


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    4. #1822
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      Quote Originally Posted by crown View Post
      Oh i see you was mistake on your previous post right? However this is not a problem. I see you use 0.10 lot size on your $200 capital. I think this is good lot size. I also use the same lot size. But when i open multiple trade that time i reduce my lot size. Do you open single trade or multiple trade?
      To use 0.1 lot with instaforex, it is like using 0.01 standard lot. And when i have the $200 in my account, i can never be thinking of trading with 0.01 standard lot, it is too small for me, unless you are referring to standard lot of 0.01 in your statements. However, forex traders have to know how this forex business is working, not that we will think we will take little risk every time, we might be wasting our time in the market. What i support is for traders to take calculative risk, that will help us to make money and we will be earning in reasonable manner too.


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    6. #1823
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      for me i think a good trading system should trade any pair in forex, forex market is very complex and no one can know it all so cracking your head over many strategy may not do better than confusing you the more. there is always room for improvement so we can work hard to make our strategy work better and more profitable


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    8. #1824
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      Quote Originally Posted by maximum View Post
      for me i think a good trading system should trade any pair in forex, forex market is very complex and no one can know it all so cracking your head over many strategy may not do better than confusing you the more. there is always room for improvement so we can work hard to make our strategy work better and more profitable
      I don't think that one good trading system ca work for all the currencies pairs, metals and crypto currencies like you said the market is very large and complex and having one strategy won't be effective in all aspect, so therefore if you are using one strategy in forex then you need to pick a hustle in the, choose an area to specialize on, like a couple of currency pair, crypto or metals so that you would be able to concentrate and for your single strategy to be able to see you through the market safely.


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    10. #1825
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      Quote Originally Posted by crown View Post
      Oh i see you was mistake on your previous post right? However this is not a problem. I see you use 0.10 lot size on your $200 capital. I think this is good lot size. I also use the same lot size. But when i open multiple trade that time i reduce my lot size. Do you open single trade or multiple trade?
      Using 0.10 for an account that is $200 is just great because it means that you won't be bothered with getting a margin call in case your analysis is wrong, there are people that use 1.00 lot for same account and if the leverage is large enough, they too can make good profit, but the risk is much higher this way which is not advisable.


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    12. #1826
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      Quote Originally Posted by Timon View Post
      A trading strategy falls into one of the most difficult category that traders face in the market, you will need to do a lot of research before yoi can come to the point where you would be able to develop your own system, and this is after many losses have been made when you are trying out different methods with the hope of getting what suits your style.
      There are many predefined trading strategies are available in the market. One just need to consider best one that suits him as per his own trading needs and capital. Then trader can amend that as per his own trading psychology. If trader get hands on the trading rules of trading strategy and follow them at spirit then he can perform well and can make some easy money with it.


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    14. #1827
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      All the points which are mention in this Journal are very good and useful for successful trading. but we need to do these things for successful trading. only learning or keep in mind these things won't work. when we open a trade then we think about the TP and SL but if we not set these points then we can't get full advantage of market movement. nothing will happen until we do of efforts. So it is necessary for us to foll all these points and work on them to get real and long term success here.
      If you can Dream it, You can do it
      Be Bold and Take Risk


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    16. #1828
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      Quote Originally Posted by I'm Trader View Post
      All the points which are mention in this Journal are very good and useful for successful trading. but we need to do these things for successful trading. only learning or keep in mind these things won't work. when we open a trade then we think about the TP and SL but if we not set these points then we can't get full advantage of market movement. nothing will happen until we do of efforts. So it is necessary for us to foll all these points and work on them to get real and long term success here.
      Learning are in different categories,we have the theory were all you do is to make sure you read as many materials as possible and watch videos,then the practical part involves putting what you have learnt into good practice,that is the part were you need the demo account or the cent account as some will prefer to practice all that you have learnt and to perfect your trading strategy.


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    18. #1829
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      Yes @catfish007 you are right, I think with 200 usd i think too can start with 0.10 instaforex lot size and that's about 10 cents per pip and that's should be the the maximum risk you should take with that 200 usd capital. If you want the account to last longer, actually it's not that you cannot increase it but you will be exposing your account to huge draw down.


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    21. #1830
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      Quote Originally Posted by sonibark View Post
      Yes @catfish007 you are right, I think with 200 usd i think too can start with 0.10 instaforex lot size and that's about 10 cents per pip and that's should be the the maximum risk you should take with that 200 usd capital. If you want the account to last longer, actually it's not that you cannot increase it but you will be exposing your account to huge draw down.
      To trade with any amount. you have to carefully calculate the risk level you are taking, that is what makes you a trader with careful considerations when you are trading the market. I am taking risk too, but i do not like the risk that will be too small for me, that is not going to yield good results for me. Try to read many things that traders here have said, you will realise that they are of varying opinion about this. I will use a better lot size to trade 200$ account, than to be using 0.1 lot, and i will calculate my risk in such a way that it will not affect me.

      If traders are not trading with risk, they will still fail, because they might quit the market because they are not earning in the way they should. But for the traders that are taking risk well, they only need to have good strategy along with the risk they are taking, that is what will bring the trader to earning in the market. No trader will earn when they do not consider these two points.


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